Tesla 'gigafactory' to employ 6,500, cost $5 Bil

SAN FRANCISCO (MarketWatch) -- Tesla Motors Inc.
TSLA, -0.24%
is looking for sites between 500 acres and 1,000 acres in Arizona, New Mexico, Nevada or Texas to build a giant battery factory, which could cost as much as $5 billion, the electric car maker said in a regulatory filing late Wednesday. The plant would open in 2017 and employ about 6,500 people. It would reach full capacity by 2020, enough to supply power for 500,000 cars a year. "The Gigafactory is designed to reduce cell costs much faster than the status quo and, by 2020, produce more lithium ion batteries annually than were produced worldwide in 2013," Tesla said in its blog. Shares of Tesla ended at a record $253 Tuesday, up 2%, and traded 1% higher in after hours. The company also filed to issue convertible senior notes due 2019 and 2021.

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